What a week…
The Market saw a big slip over the last few days, and a lot of investors have felt the hit in their pockets, I hope you all had your stop losses set appropriately and didn’t deviate from the Platinum Methodology.
With great falls comes the opportunity to rise, and with the amount that was shred off of the total crypto market cap, some coins have come into magnificent price points. Call one of our Platinum Traders today, and ask about the coins we’re watching this week by simply selecting a time that’s best for you: Book Now
Last week we took a look at gold-backed cryptocurrencies, and so keeping on with the theme of asset-backed cryptocurrencies, I want to take a look this week at oil-backed cryptos, and what they bring to the world!
LATEST UPDATES ON OIL BASED CRYPTOCURRENCIES
The pace at which cryptocurrencies are being embraced by people around the globe clearly indicates that digital currencies will rule the global trading industry in future. However, oil is likely to be one of the major components within the cryptocurrency space. In the past couple of years, a number of companies have launched oil backed cryptocurrencies, simply because oil is one of the widely traded commodities around the globe. These currencies focus on tokenizing oil barrels while providing crypto investors and traders with cryptos that are less likely to be affected by the highly volatile crypto market. Continue reading to find the latest updates on oil-based cryptocurrencies.
One of the most recent oil backed cryptocoins OilCoin, that happens to be the first ever globally compliant cryptocurrency, has been launched by a group of technology and banking mangers as well as the former regulatory commissioners of the United States. OilCoin announced its ICO offerings in the month of January in 2018 and is expected to hit the market by the end of the year. The coin basically aims at tokenizing oil barrels lying in the reserve. Every token would indicate one barrel’s value and provide investors with some respite from the highly volatile cryptocurrency market. The reason why OilCoin has gained much popularity is because it will be complying with rules as well as regulations laid down by the United States government. In fact, the oil based cryptocurrency is best suited for retail and institutional investors.
Apart from OilCoin, investors also have their eyes set on PetroDollars. The oil and gas reserves based cryptocurrency, which is the brainchild of New York’s Signal Capital Management Company, claims to be globally complaint oil based cryptocurrency similar to that of OilCoin. Currently, PetroDollars digital tokens are being accredited by the United States as well foreign crypto investors. The ICO for PetroDollars is likely to be announced by the end of 2018. According to cryptocurrency experts, the ICO would be around 700 million U.S. dollars in terms of size. Post Initial Coin Offering, every PetroDollars token that would be in circulation during the financial year will be worth ten oil barrels equivalent to recoverable gas and oil reserves. These oil and gas reserves will be duly certified and approved by 3rd party petroleum based engineering organization that functions independently. It is likely that after its launch, PetroDollars will be amongst the leading 20 digital currencies in terms of their overall market value. Investors will also be able to exchange the cryptocurrency for other leading fiat currencies as well as cryptocurrencies.
While investors are eagerly awaiting the final launch of both OilCoins and PetroDollars, Venezuela’s own cryptocurrency Petro has also sparked a lot of debate around the world. According to a recent announcement made by Venezuela’s President Nicolas Maduro, Petro has managed to raise around 735 million dollars during its ICO launch. Petro, which is backed by gas, gold, oil as well as diamond, has been specifically created to help the country in overcoming the EU and US sanctions. Every single Petro is equivalent to one oil barrel and has been designed for supplementing the Bolivar, Venezuela’s real currency.
If you’ve booked your session above, we look forward to speaking to you soon! Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Richard Baker Live from the Platinum Crypto Trading Floor.
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